Author: Steven Sahiounie

military action in Rafah in southern Gaza could happen very soon

RIYADH: Saudi Arabia’s non-oil revenues rose by 9 percent to reach SR111.51 billion ($29.73 billion) in the first quarter of 2024 as compared to the same period in 2023, the Ministry of Finance said. In its quarterly budget performance report, the ministry said the Kingdom posted total revenues of SR293.43 billion in the same quarter, while its public spending amounted to SR305.82 billion. According to official data, total revenues increased 4 percent as compared to Q1 of 2023. In the first quarter of the current year, the Kingdom posted a budget deficit of SR12.39 billion with oil revenues reaching SR181.92…

The UN warns that an Israeli invasion of Rafah “would bring catastrophe on top of catastrophe,” particularly for the children residing there. The United Nations warned Friday of the potential ramifications of a ground Israeli invasion of the southern city of Rafah in the Gaza Strip, highlighting the severe threat it poses to the lives of approximately 600,000 children in the region. Israeli Prime Minister Benjamin Netanyahu claimed on Tuesday that an invasion of the densely-populated Rafah city will take place regardless of whether an exchange deal with the Palestinian Resistance was reached or not. Farhan Haq, a spokesperson for Secretary-General Antonio…

The Iranian foreign minister applauded Turkey’s decision to halting all import and export transactions with the Israeli regime in protest over the brutal war on Gaza. In a meeting with his Turkish counterpart on the sidelines of an OIC summit in the Gambia on Saturday, Hossein Amirabdollahian praised the Ankara government’s recent decision to halt economic and trade ties with the Zionist regime as a “significant measure”. Condemning the Israeli regime’s war crimes in Gaza, the top Iranian diplomat stressed the need for a stronger and more active role by the Islamic countries, specifically Iran and Turkey, in supporting Palestine.…

Muscat: The total loans and financing provided by commercial banks and Islamic windows in Oman increased by 2.7 percent to OMR30.61 billion by the end of February 2024 compared to OMR29.81 billion in the corresponding period of 2023.

The two officials agreed to pinpoint joint guidelines for the future in line with the department’s priorities

The Netherlands and Egypt share a robust and enduring partnership, with almost half a century of cooperation in the water management sector

The Federal Tax Authority (FTA) has intensified its supervisory efforts, in collaboration with various relevant entities, in a bid to protect consumer rights, combat tax evasion, and enhance tax compliance.

The report expected the country’s reserves to rise further by $2.60 billion in FY25/26 Egypt’s international reserves are expected to surge by $16.20 billion during the fiscal year (FY) 2024/2025, according to a report by JPMorgan, an American multinational finance company. The report expected the country’s reserves to rise further by $2.60 billion in FY25/26. JPMorgan also forecast the Egyptian economy to grow by 4.30% in FY25/26, up from 2.8% in FY23/24. Further adjustments to fuel prices, aimed at reducing the subsidy bill, could pose upside risks to Egypt’s inflation outlook, given that fuel comprises about 2% of the inflation…

Kuwait’s economic growth (real GDP) projection for 2024 was revised by the World Bank to 2.8% y/y, higher than the 2.6% y/y forecasted earlier in January 2024 owing to expectations of phasing out of OPEC+ production cuts, according to Kuwait Financial Centre (Markaz).